Opus Update — Crowdsale, burning of tokens, and more to come!

When our
team first met more than a year ago, we set out to change an industry.
The heavily centralized and abusive music industry. And over the last
few months, we spent many tireless nights developing, testing and
prototyping. We wanted OPUS to be a project characterized by a great
product, fair pricing and dedication to both to artists and listeners.
That is why, our main objective before the Crowdsale was to develop a
working demo version of our idea, and today, 3 weeks after the end of
the Crowdsale, we can definitely admit that things are finally beginning
to materialize.

In the sale, we managed to sell 133,308,531 Opus tokens of the original 900,000,000
Opus tokens available, for a total of 17K Ether. Even though, we
originally had higher token sales, we are still fully satisfied with the
final sales. It will definitely help us as prepare a public release in
the coming months, which will be a fully decentralized music sharing
platform.

Our
goal of the crowdsale was to be as transparent and decentralized as
possible. In fact, unlike many other previous crowd sales where teams
had access and would “secretly” increase the cap or length, we disclosed
everything. This meant independently including block # and hard cap
directly in the crowdsale contract. All these variables were publicly
visible on etherscan.

One
downside of this “code is law” perspective, which caused some criticism
from the community, is that the time displayed in some parts of the
website was inconsistent with the actual Ethereum network performance.
In fact, the average block times increased from 18 seconds to over 22
seconds over the course of the crowdsale! But overall we were pleased
with the crowdsale results and achieved our main goals.

We
are devoted to the long-term perspective of the product. In this
regard, we wanted to show a dedication to the community. After advice
from people in our communication channels we decided to voluntarily burn
a significant part of the foundation’s tokens from the team and
foundation pool. Today, we would like to describe this process in a more
detailed way.

Initially, The total supply of opus tokens was 1,700 Million. This supply consisted of:

900 Million
dedicated for crowd sale, of which unsold tokens would be burnt. At the
end of the crowdsale, the smart contract will burn all of the remaining
tokens from the crowdsale pool.

600 Million distributed to the Opus foundation, developers, and angel investors

100 Million
of ecosystem tokens used by the foundation to vitalize the Opus music
eco-system. These tokens are supposed to be used for early-adoption
rewards, licenses, artists and advisors.

In
a bid to make sure our goal of decentralization was met, the team
voluntarily decided to burn an amount of tokens similar in % to the
amount of unsold tokens. We have not backed down on our word. We would
like to announce here that we have officially burn the tokens at the
Null address. You can view it right now here. In this transaction we publicly burnt the 584 Million tokens which belonged to both the foundation and ecosystem allocation (Minus some for bounty distribution). It is almost 85>#/strong###
of the tokens which were allocated to the foundation and team, but as
we are truly devoted to the long-term product development, we believe
giving the community a greater portion is best for the future of the
Opus platform.

The
overall sale of token was also a success and met our other objective of
making sure everybody got the opportunity take part in. Unlike many
other crowd sales that had behind-closed-doors deals that only catered
to whales (We had several organizations approach us with over $500,000),
we fully rejected those offers. We wanted the sale to be as fair and
FOMO free as possible and we believe it was a success. Currently, there
are only 4 wallets with more than 1% of supply. The biggest individual
contributor holds 2.8% of total OPT supply.

We
totally understand that our community might criticise us for not
putting a priority on exchanges listing or delaying the bounty
distribution, and that is why we would like to say sorry to anyone who
was disappointed after our initial ‘after-crowdsale’ performance. With
this post, we will like to make this a start to series of updates
regarding further OPUS development.

Next up will be a blog post regarding the more technical side of the platform.

Thanks again for supporting us during this hectic time!

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For business inquiries, artists, issues, and support, just shoot us an email at [email protected]